California First Leasing Corporation Financial Ratios — CFNB

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Return on Common Equity (%)	5.59	4.59	3.98	3.95	4.97	4.65	5.83	6.33	3.61	-1.17	17.04	-5.79	7.89	14.64	8.17
Return on Assets (%)	2.23	1.76	1.41	1.24	1.38	1.07	1.39	2.26	2.11	-0.83	14.19	-5.51	7.6	13.74	7.47
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	100	100	100	100	100	100	100	100	100	100	100	100	100	100	100
EBITDA Margin (%)	-8.48	-3.14	-3.19	0.39	-2.16	-0.56	-0.7	-1.72	2.81	32.47	0.24	-0.45	0.21	0.19	0.38
Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	62.06	59.22	54.88	57.41	64.47	61.49	74.53	88	69.38	-19.26	101.83	115.48	95.13	94.79	102.78
Profit Margin (%)	39.97	36.94	34.54	36.56	39.41	37.8	44.28	68.66	54.32	-156.91	78.3	77.83	73.14	68.3	76.7
Net Income to Common Margin (%)	39.97	36.94	34.54	36.56	39.41	37.8	44.28	68.66	54.32	-156.91	78.3	77.83	73.14	68.3	76.7
Effective Tax Rate (%)	35.59	37.63	37.06	36.32	38.88	38.53	40.59	21.98	21.7	- -	23.11	- -	23.11	27.94	25.37
Dvd Payout Ratio (%)	94.32	128.74	312.55	59.27	48.51	53.23	42.52	39.46	70.11	-226.32	15.33	-45.49	- -	11.09	- -
Sustainable Growth Rate (%)	0.32	-1.32	-8.45	1.61	2.56	2.17	3.35	3.83	1.08	-3.83	14.43	-8.42	7.89	13.01	8.17

Credit (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Total Debt	18	3	1	15	52	44	40	3	3	2	1	1	- -	- -	- -
ST Debt	10	- -	- -	7	42	40	40	- -	- -	- -	- -	- -	- -	- -	- -
LT Debt	8	3	1	9	10	4	- -	3	3	2	1	1	- -	- -	- -
Total Debt/EBITDA	-7.98	-4.33	-1.13	203.92	-105.23	-344.57	-227.56	-10.73	7.01	3.97	11.06	6.96	- -	- -	- -
Net Debt/EBITDA	34.09	70.87	110.02	-324	16.22	470.12	315.12	190.89	-174.65	-309.08	-322.68	-720.18	-897.19	-259.73	-334.38
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	37.24	39.64	31.68	31.05	25.25	21.1	27.09	51.72	67.23	73.69	93.85	96.79	95.71	92.34	90.64
Long-Term Debt/Equity (%)	4.23	1.67	0.42	4.7	5.42	2.33	0.14	1.64	1.28	0.97	0.53	0.24	- -	- -	- -
Long-Term Debt/Capital (%)	3.95	1.67	0.43	4.42	4.3	1.92	0.12	1.65	1.28	0.97	0.54	0.25	- -	- -	- -
Long-Term Debt/Total Assets (%)	1.61	0.67	0.14	1.49	1.39	0.5	0.04	0.87	0.87	0.72	0.51	0.24	- -	- -	- -
Total Debt/Equity (%)	9.24	1.67	0.42	8.43	27.73	23.27	20.54	1.64	1.28	0.97	0.53	0.24	- -	- -	- -
Total Debt/Capital (%)	8.63	1.67	0.43	7.93	22.04	19.17	17.21	1.65	1.28	0.97	0.54	0.25	- -	- -	- -
Total Debt/Total Assets (%)	3.52	0.67	0.14	2.67	7.14	5	5.63	0.87	0.87	0.72	0.51	0.24	- -	- -	- -
Net Debt to Equity	-39.5	-27.31	-41.3	-13.4	-4.28	-31.75	-28.44	-29.24	-31.93	-75.71	-15.55	-25.15	-19.63	-10.17	-13.02
Net Debt/Capital (%)	-67.74	-38.58	-72.97	-15.85	-4.56	-47.83	-40.4	-42.4	-47.68	-327.38	-18.64	-34.1	-24.66	-11.4	-15.08
EBITDA	-2	-1	-1	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx	-257	-183	-300	-284	-382	-349	-220	-58	-49	-70	-31	-7	-11	-7	-6
Operating Income (Loss)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Liquidity (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Cash Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Current Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Quick Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
CFO/Avg Current Liab	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	37.24	39.64	31.68	31.05	25.25	21.1	27.09	51.72	67.23	73.69	93.85	96.79	95.71	92.34	90.64
Long-Term Debt/Equity (%)	4.23	1.67	0.42	4.7	5.42	2.33	0.14	1.64	1.28	0.97	0.53	0.24	- -	- -	- -
Long-Term Debt/Capital (%)	3.95	1.67	0.43	4.42	4.3	1.92	0.12	1.65	1.28	0.97	0.54	0.25	- -	- -	- -
Long-Term Debt/Total Assets (%)	1.61	0.67	0.14	1.49	1.39	0.5	0.04	0.87	0.87	0.72	0.51	0.24	- -	- -	- -
Total Debt/Equity (%)	9.24	1.67	0.42	8.43	27.73	23.27	20.54	1.64	1.28	0.97	0.53	0.24	- -	- -	- -
Total Debt/Capital (%)	8.63	1.67	0.43	7.93	22.04	19.17	17.21	1.65	1.28	0.97	0.54	0.25	- -	- -	- -
Total Debt/Total Assets (%)	3.52	0.67	0.14	2.67	7.14	5	5.63	0.87	0.87	0.72	0.51	0.24	- -	- -	- -
CFO/Total Liabilities	4.82	2.38	-0.71	1.63	0.95	1.39	8.53	68.23	57.86	32.97	-35.22	70.49	1.25	15.62	-6.12
CFO/CapEx	0.06	0.04	-0.01	0.02	0.01	0.03	0.2	2.18	1.14	0.32	-0.14	0.46	0.01	0.43	-0.26
Altman's Z-Score	0.75	0.83	0.68	0.64	0.51	0.43	0.6	1.23	1.87	2.31	10	23.96	11.88	7.52	5.6

Working Capital (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Accounts Receivable Turnover	14.6	17.72	20.06	28.53	36.82	24.7	27.47	33.68	45.31	12.05	3,559.46	- -	- -	- -	- -
Days Sales Outstanding	25	20.6	18.2	12.79	9.91	14.78	13.29	10.84	8.06	30.3	0.1	- -	- -	- -	- -
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Conversion Cycle	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventory to Cash Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Market Capitalization	97	108	128	117	111	124	162	140	144	144	179	175	140	185	175
- Cash & Cash Equivalents	97	57	75	40	60	105	96	63	69	153	37	54	43	25	33
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	18	3	1	15	52	44	40	3	3	2	1	1	- -	- -	- -
Enterprise Value	-44	-10	8	65	21	-32	10	4	-22	-58	143	122	97	160	141
Total Capital	214	196	178	195	237	232	234	205	208	199	229	210	218	241	255
Total Debt/Capital (%)	8.63	1.67	0.43	7.93	22.04	19.17	17.21	1.65	1.28	0.97	0.54	0.25	- -	- -	- -
Total Debt / EV	-0.42	-0.34	0.1	0.24	2.44	-1.39	3.9	0.78	-0.12	-0.03	0.01	- -	- -	- -	- -
EV/Sales	- -	- -	0.37	3.39	0.93	- -	0.41	0.24	- -	- -	3.09	- -	4.21	3.26	5.35
EV/EBITDA	- -	- -	- -	861.09	- -	- -	- -	- -	- -	- -	1,287.58	1,647.96	2,022.94	1,686.62	1,414.59
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	- -	- -	10.12	4.14	- -	0.23	0.03	- -	- -	- -	37.32	961.4	55.83	- -
EV/Free Cash Flow to Firm	- -	- -	0.03	0.23	0.06	- -	0.04	0.02	- -	- -	5.4	11.75	8.67	16.88	32.87
Diluted Market Cap	98	108	128	117	111	124	162	140	144	144	179	175	140	185	175
Diluted Enterprise Value	19	54	53	92	103	64	106	80	78	-7	143	122	97	160	141
EV per Share	- -	- -	0.75	6.26	2.05	- -	1	0.42	- -	- -	13.9	11.86	9.74	16.91	15.21
TTM Sales	27	24	21	19	23	23	25	18	14	2	46	-16	23	49	26
TTM EBITDA	-2	-1	-1	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	16	7	-3	6	5	10	44	126	56	22	-4	3	- -	3	-2
TTM Free Cash Flow to Firm	271	189	296	290	387	359	264	183	106	93	26	10	11	9	4

Multiples (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Price/Free Cash Flow	0.36	0.57	0.43	0.4	0.29	0.35	0.61	0.76	1.36	1.55	6.76	16.88	12.52	19.48	40.64
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	-44	-10	8	65	21	-32	10	4	-22	-58	143	122	97	160	141
Low Price	11.75	14.52	14.35	13.85	13.27	12.76	13.76	12.55	14.05	13.2	14.01	17.23	13.35	14.35	18.26
EV/Sales	- -	- -	0.37	3.39	0.93	- -	0.41	0.24	- -	- -	3.09	- -	4.21	3.26	5.35
EV/EBITDA	- -	- -	- -	861.09	- -	- -	- -	- -	- -	- -	1,287.58	1,647.96	2,022.94	1,686.62	1,414.59
Price/Earnings	8.91	12.09	17.41	16.57	12.22	14.39	14.53	11.18	19.69	- -	4.93	- -	8.31	5.51	8.63
Price/Earnings Average	7.87	11.84	16.55	17.6	12.71	13.1	11.89	11.13	19.29	-64.35	4.37	-14.23	9.24	4.83	9.66
Price/Earnings High	14.55	20.96	27.87	27.79	17.75	18.04	17.93	15.5	25.16	-82.04	5.22	-15.15	10.29	5.65	11.47
Price/Earnings Low	11.1	16.99	20.38	20.53	15.33	15.34	12.72	10.32	19.7	-57.45	3.98	-14	7.89	4.05	8.38
Price/Book Value	0.5	0.56	0.72	0.65	0.6	0.66	0.83	0.69	0.7	0.73	0.78	0.84	0.64	0.77	0.69
Price/Book Value Average	0.44	0.55	0.69	0.69	0.62	0.6	0.68	0.69	0.69	0.77	0.7	0.86	0.72	0.67	0.77
Price/Book Value High	0.81	0.97	1.16	1.09	0.87	0.83	1.03	0.96	0.9	0.98	0.83	0.92	0.8	0.79	0.91
Price/Book Value Low	0.62	0.79	0.85	0.8	0.75	0.71	0.73	0.64	0.7	0.69	0.63	0.85	0.61	0.56	0.67
Price/Tangible Book Value	0.49	0.55	0.71	0.64	0.59	0.65	0.82	0.68	0.7	0.72	0.78	0.83	0.64	0.76	0.68
Price/Tangible Book Value Average	0.43	0.54	0.67	0.68	0.61	0.59	0.67	0.68	0.68	0.76	0.69	0.85	0.71	0.67	0.76
Price/Tangible Book Value High	0.79	0.95	1.13	1.07	0.85	0.82	1.02	0.95	0.89	0.97	0.82	0.91	0.79	0.78	0.91
Price/Tangible Book Value Low	0.61	0.77	0.83	0.79	0.74	0.69	0.72	0.63	0.7	0.68	0.63	0.84	0.61	0.56	0.66
Price/Sales	3.56	4.47	6.01	6.06	4.82	5.44	6.43	7.68	10.69	95.81	3.86	-10.77	6.08	3.76	6.62
Price/Sales Average	3.15	4.37	5.71	6.43	5.01	4.95	5.27	7.64	10.48	100.97	3.42	-11.07	6.76	3.3	7.41
Price/Sales High	5.81	7.74	9.63	10.16	7	6.82	7.94	10.64	13.67	128.72	4.09	-11.79	7.52	3.86	8.8
Price/Sales Low	4.44	6.28	7.04	7.5	6.04	5.8	5.63	7.08	10.7	90.14	3.11	-10.89	5.77	2.77	6.43
Price/Cash Flow	6.21	15.62	-47.5	18.07	21.41	12.85	3.65	1.11	2.56	6.42	-40.22	53.62	1,387.78	64.43	-115.29
Price/Cash Flow Average	5.49	15.3	-45.13	19.19	22.27	11.7	2.98	1.11	2.5	6.77	-35.66	55.13	1,542.36	56.47	-129.07
Price/Cash Flow High	10.14	27.09	-76.02	30.3	31.1	16.11	4.5	1.54	3.27	8.63	-42.58	58.69	1,717.46	66.04	-153.31
Price/Cash Flow Low	7.74	21.96	-55.6	22.38	26.85	13.7	3.19	1.03	2.56	6.04	-32.42	54.22	1,317.7	47.39	-111.98
Price/Free Cash Flow Average	0.32	0.56	0.41	0.43	0.3	0.32	0.5	0.76	1.33	1.64	5.99	17.35	13.91	17.08	45.49
Price/Free Cash Flow High	0.59	0.99	0.69	0.67	0.42	0.43	0.75	1.06	1.74	2.09	7.15	18.47	15.49	19.97	54.04
Price/Free Cash Flow Low	0.45	0.8	0.51	0.5	0.36	0.37	0.53	0.7	1.36	1.46	5.45	17.07	11.88	14.33	39.47
EV/Sales Average	0.26	2.15	2.21	5.16	4.66	2.3	3.05	4.35	5.58	0.61	2.65	- -	4.89	2.8	6.14
EV/Sales High	2.92	5.52	6.12	8.88	6.65	4.17	5.72	7.35	8.76	28.36	3.32	- -	5.66	3.35	7.53
EV/Sales Low	1.55	4.05	3.53	6.23	5.69	3.15	3.41	3.79	5.8	- -	2.34	- -	3.91	2.26	5.16
EV/EBITDA Average	-3.03	-68.41	-69.19	1,308.77	-215.88	-408.23	-432.29	-252.53	198.64	1.87	1,104.81	1,714.47	2,348.19	1,446.32	1,623.58
EV/EBITDA High	-34.51	-175.66	-191.83	2,254.12	-307.91	-739.07	-811.62	-426.49	312.15	87.35	1,382.08	1,871.71	2,716.63	1,735.51	1,991.38
EV/EBITDA Low	-18.25	-129	-110.75	1,580.38	-263.62	-558.5	-484.05	-220.15	206.59	-31.48	975.35	1,674.36	1,875.48	1,171.85	1,364.36
EV/EBIT Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	9.43	10.33	12.26	11.18	10.58	11.97	15.72	13.6	14.04	14.03	17.38	17.04	14.06	19.51	18.8
High Price	15.4	17.91	19.62	18.75	15.37	15	19.4	18.85	17.94	18.85	18.4	18.65	17.4	20	25
Enterprise Value Average	7	52	47	99	107	53	77	79	75	1	123	127	113	137	162
Enterprise Value High	80	133	130	171	153	95	144	134	118	43	153	139	130	165	199
Enterprise Value Low	42	98	75	120	131	72	86	69	78	-15	108	124	90	111	136

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Shares Outstanding	10	10	10	10	10	10	10	10	10	10	10	10	10	9	9
Diluted Weighted Avg Shares	10	10	10	10	10	10	10	10	10	10	10	10	10	9	9
Basic Weighted Avg Shares	10	10	10	10	10	10	10	10	10	10	10	10	10	9	9
Revenue per Share	2.65	2.31	2.04	1.85	2.2	2.2	2.44	1.77	1.31	0.15	4.5	-1.58	2.31	5.19	2.84
EBITDA per Share	-0.22	-0.07	-0.07	0.01	-0.05	-0.01	-0.02	-0.03	0.04	0.05	0.01	0.01	- -	0.01	0.01
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	1.06	0.85	0.7	0.67	0.87	0.83	1.08	1.22	0.71	-0.23	3.52	-1.23	1.69	3.54	2.18
Basic EPS from Cont Ops	1.06	0.85	0.7	0.67	0.87	0.83	1.08	1.22	0.71	-0.23	3.52	-1.23	1.69	3.54	2.18
Diluted EPS, GAAP	1.05	0.85	0.7	0.67	0.87	0.83	1.08	1.22	0.71	-0.23	3.52	-1.23	1.69	3.54	2.18
Diluted EPS from Cont Ops	1.05	0.85	0.7	0.67	0.87	0.83	1.08	1.22	0.71	-0.23	3.52	-1.23	1.69	3.54	2.18
Dividend per Share	1	1.1	2.2	0.4	0.42	0.44	0.46	0.48	0.5	0.52	0.54	0.56	- -	0.39	- -
Cash Flow per Share	1.52	0.66	-0.26	0.62	0.49	0.93	4.31	12.22	5.49	2.18	-0.43	0.32	0.01	0.3	-0.16
Free Cash Flow per Basic Share	-23.24	-16.86	-28.88	-26.55	-36	-32.65	-17.1	6.62	0.65	-4.67	-3.44	-0.37	-1.1	-0.4	-0.79
Cash & Equivalents per Share	15.53	11.57	11.58	6.4	13.52	19.32	18.63	13.51	16.41	19.88	3.6	5.23	4.32	2.6	3.59
Book Value per Share	18.95	18.49	16.95	17.22	17.65	18.02	18.86	19.58	19.94	19.19	22.17	20.38	21.84	25.43	27.43
Tangible Book Value per Share	19.38	18.85	17.32	17.58	17.99	18.37	19.08	19.93	20.16	19.41	22.39	20.6	22.01	25.6	27.6

California First Leasing Corporation

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)